Ex Prop Trader trying to get back into trading

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RogueTrader888888

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I am finding it very difficult. They either take on fresh graduates or very experienced people with own capital. I am somewhere in between.

Any advice?

thx
 
Have you given these boys ago?

http://www.elitederivatives.com/

Probably the last prop firm run by ex/current traders so they're more understanding if you know what I mean? If you've got a bit of experience then they'll definately sit down for a chat with you (they don't take on fresh grads) so kinda sounds like what you're after?

A guy who sat a few places down from me who had a good run for a large part of a year on a 50/50 split and then a pretty 'tuff'' (ain't it always) 18 months afterwards went to Elite to see what they had on offer and they said they'd back him on a 90/10 deal with a 3 month trial period.

Let us know how you get on mate.
 
Going to go see Christian in the new year. Interesting how he has not even seen my CV or anything...just asked some basic questions about what I have traded and where via email.

Please tell me more about this 90/10 split. I am assuming that your friend put some cash up front, 20k or so. Unfortunately, I have no capital at the moment but I am always trying to win multi table poker tournaments with no luck as of yet.

3 month trial period seems short if they arent paying cash. I have had friends who spent 6 months on sim (afterall ,there is no loss to the firm to have someone on sim all day long and they were already experienced traders).

See what happens...funny how I am doing my legal practice course part time to become a solicitor but still wishing on becoming a trader...thats me thinking of my heart and not my head. I need to focus, focus, focus!
 
Have you looked at the broker firm fxcm they were looking for traders who could prove a good track record here in the States to work out of their New York office. They posted on their forum looking for anyone interested. They also have a London office so they may be worth looking at.
 
First thing to note is that there are a number of trading rooms still run by traders, both past and present, Atlas, Xconnect, GHF and Kyte off the top of my head.
Also be wary of anywhere that offers a 90/10 deal, such a split is usually a sign of desperation although there are rumours that Elite achieve these splits by running "shadow trader" a piece of software that duplicates your trading so in effect the split is really 90/110 although I stress this is just rumour.
Conventional wisdom is that anyone who could possibly warrant a 90/10 split should be self financing, the 10% is a poor return on risk if the house has 100 % of the risk.
How good is their balance sheet?
What happens if a trader or few traders take a hit, how safe is your money?
Are they FSA regulated?
Are they members of the exchanges you wish to trade (i.e do they have direct connectivity?)
The market averages on splits are between 60/40 and 85/15, if a house has to offer 90/10 to get traders in then they must be catch somewhere and it usually means they are not able to compete in other areas like security or quality of IT.
 
Interview was very short. He was looking for someone more experienced (ie 2 or 3 years). I only have 1 year...but will consider my case when he takes a look at my cv which I just sent.
Office + building look amazing!
 
Interesting thread. I am also interested in going to work for a prop house but I heard desk fees can amount to quite a big chunk if you don't have much capital. RogueTrader888888 I was wondering if you heard back from them since you sent them your CV and also whether you found out what their fees are like?
 
Desk fees will vary from house to house, some load desk fees others dont, another variation is the notice period.
But Desk fees themselves arent usually the problem, it is the add ons, the cost of the trading software, the quote vendors the number of screens, ths cost of internet connections etc.
My advice is to shop around try GHF, Xconnect, Kyte to name a few.
 
Parky said:
Also be wary of anywhere that offers a 90/10 deal, such a split is usually a sign of desperation although there are rumours that Elite achieve these splits by running "shadow trader" a piece of software that duplicates your trading so in effect the split is really 90/110 although I stress this is just rumour.
Click to expand...


Just out of interest how would that work with say FIFO

supposing the trader's order gets filled but the shadow order doesn't - then say the trader gets out at mkt & the shadow trader mimmicks the order & gets left with an open position?

Also I'm guessing trying to use that with ICE would be a nightmare - someone trading the Brent/WTI spread could get filled & the shadow trader ends up getting legged.

I don't know anything about Elite tbh.. but surely trying to shadow people looking at a very short time frame is open to a lot of things going wrong - you'd probably have to employ someone full time to just monitor the software.
 
DT,
I am not a "techy" so I have no idea how it works in practise.
At a guess it is a simultaneous mirror, so you put in an order for 5 you are actually putting in an order for 10 so based on that if you only get a fill of 4 lots the trader gets two and shadow gets two, if you get a three lot fill and the trader gets 2 shadow gets 1 I assume the software is smart enough to go to market on the odd 1 lot and is always in check.
 
I guess so - though surely most traders would spot it then - especially if you knew you were front of the queue & then only got partially filled - or if you bettered the bid/offer & always found a duplicate order coming in & matching yours.
 
No luck with Elite Derivatives. They want someone with 2 or 3 years experience. I only have 1 year so thats that.

No prop firm will take me so I might as well move on and do something else.
 
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